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RE: Capital One new way to screw you

Postby montyloree » Tue Apr 07, 2009 11:46:17 AM

I agree with RichardC,

It's a good idea to give Capital One a quick call and ask then what their policies are... their cut off dates, when they report to the credit bureaus etc..

Credit card companies deal with alot of dates when it comes to cut offs and reporting.
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RE: Capital One new way to screw you

Postby RichardC » Tue Apr 07, 2009 11:13:15 AM

That's the best way to do it, use that card for miles and pay it off in full.

Regarding others; no idea, you would have to read the launguage in the contract and revision of terms mailed to you. It does seem unlikely that they would or could ding you for a purchase from last year. Like I said before, Cap One isn't dumb, they won't break the law.
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RE: Capital One new way to screw you

Postby myluck » Tue Apr 07, 2009 10:14:39 AM

I never carry a balance......I have it paid off before I even get my statement......with one of my cards I charge at the store and go home and pay it online......use it for airmiles thats all........just for others with carry-over balances how will that new method work

ex: if they charged soemthing a year ago and still paying it off will they be (effective May statement) be back charged the new interest to date of purchase or will the previous purchases be exempt from this
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RE: Capital One new way to screw you

Postby RichardC » Tue Apr 07, 2009 09:57:51 AM

Credit card companies will always invent new ways to earn fees.

As long as they provide written notice and it conforms with law, they will do it. Cap one isn't dumb, they won't do anything illegal.

Monty is right, you should only charge what you can afford to pay off in full when you get your statements. I've been banging on this drum for years now, carrying a balance and paying just the minimum will cost you 3-5 times what you owe and could take 20 or more years to pay it off.

Carrying a balance isn't cheap, and as you have noticed from your card issuer, that practice is going to get more expensive.
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RE: Capital One new way to screw you

Postby montyloree » Tue Apr 07, 2009 09:50:25 AM

I think that's pretty standard.... why would you question that?

If you pay off the balance on or before the due date, you don't get charged interest.

However, they will charge interest from the purchase date as that's how long you've borrowed the money.

I'm sure it's clearly stated in their contract.

That's why I say... Don't use your CapitalOne credit card, or any other credit card unless you have cash to back it up.
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Capital One new way to screw you

Postby myluck » Tue Apr 07, 2009 09:17:58 AM

I just received notification that if I carrya balance on my credit card over the 28 days that they will back date all the interest to date of purchase......I have two questions.......is this legal in Canada or would it be considered loan sharking......and two what would be the point in having a card with them if that is the case???
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